Instructions The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows Date Transaction Number of Units Per Unit Total $58.00 $150,800 Jan 1 Inventory 2,600 10 Purchase 7,200 66.00 475,200 3950 28 Sale 116.00 458,200 30 Sale 1,300 116.00 150,800 58,000 Feb Sale 500 116.00 10 Purchase 17,500 68.00 1,190,000 121.00 1,113,200 16 Sale 9,200 121.00 968,000 28 Sale 8,000 69.60 5 Purchase 14,400 Ma 1,002,240 121.00 1,222,100 10,100 14 Sale 25 Purchase 231,000 30 Sale 7,900 121.00 955,900 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last-in first-out method to be higher or lower